In Scenario 1, the copper market continues to grapple with bearish pressures, influenced by stochastic negativity, prompting a correctional bearish trajectory. Recent price action saw copper edging towards $4.3760, nearing the initial target as outlined in previous reports.
Key Observations:
Stochastic Negativity Impact: Persistent stochastic negativity contributes to the postponement of bullish trades and supports the initiation of a correctional bearish trajectory.
Supporting Factors for Bearish Bias: Sustained stability below the $4.5400 mark reinforces the prevailing correctional bearish bias.
Momentum Indicators: Ongoing signals of negative momentum from stochastic indicators suggest a continuation of bearish sentiment.
Near-Term Price Levels: Anticipation builds for a potential breach of the $4.3000 psychological level in the near term, acting as a crucial support threshold.
Downside Targets: A decisive break below $4.3000 could intensify downward pressure, with the next target envisioned at $4.1500.
Trading Range Projection:
Today’s anticipated trading range spans between $4.5100 and $4.3000, reflecting the current bearish momentum and key support and resistance levels.
Trend Forecast:
In line with the prevailing bearish sentiment and technical indicators, the trend forecast remains bearish for the copper market. Traders are advised to closely monitor price developments within the projected trading range.
